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Question 1 of 10
1. Question
Mary is a clerk who is expected to be in her office from 8 a.m to 5 p.m. She is paid her salary regarding how many hours she has worked. What word can we refer to Mary with according to the nature of her work?
Correct
A person expected to work for a known duration of time and whose salary is paid based on the time he/she works is known as an employee.
For example, Mary is expected to be in the office to work from 8 a.m to 5 p.m and is paid based on that time.Incorrect
A person expected to work for a known duration of time and whose salary is paid based on the time he/she works is known as an employee.
For example, Mary is expected to be in the office to work from 8 a.m to 5 p.m and is paid based on that time. -
Question 2 of 10
2. Question
Which of the following words is suitable to refer to a situation where two salespersons are partitioning an area along the boundaries intending to list homes, the two salespersons are allocated by the same broker?
Correct
This situation is lawful because the salespersons are working under the same broker. It would be illegal if the brokers worked under one similar broker because that would be under one brokerage.
Incorrect
This situation is lawful because the salespersons are working under the same broker. It would be illegal if the brokers worked under one similar broker because that would be under one brokerage.
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Question 3 of 10
3. Question
In a position with two brokers, broker ‘A’ and ‘B,’ broker ‘A’ has denied ‘B’ referrals because ‘A’ believes ‘B’ is not ethical in his actions, and ‘A’ tells no one about this. Is it correct to say that ‘A’ is?
Correct
Broker ‘A’ and broker ‘B’ are not in a group, and so, any person is free to do business with anyone he/she wants. What matters is that there is no fair housing rule or civil rights rule being flouted.
Incorrect
Broker ‘A’ and broker ‘B’ are not in a group, and so, any person is free to do business with anyone he/she wants. What matters is that there is no fair housing rule or civil rights rule being flouted.
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Question 4 of 10
4. Question
After brokerage enters into an agreement in real estate, who can set the commission rate?
Correct
A group of brokers has no right to set the commission rate and the states, too, because the Antitrust laws prohibit it. The only person who can set it is the broker whose business is in his possession.
Incorrect
A group of brokers has no right to set the commission rate and the states, too, because the Antitrust laws prohibit it. The only person who can set it is the broker whose business is in his possession.
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Question 5 of 10
5. Question
Mary, a broker, let on her doctor use her vacation apartment for a few days for free, to appreciate him for assigning her a person who listed a house with her. Did she do anything wrong with that?
Correct
Any person holding no license should not be paid or gifted in a real estate transaction because it’s against the state license laws. Mary violated the license law because she gifted her doctor, and he is not licensed.
Incorrect
Any person holding no license should not be paid or gifted in a real estate transaction because it’s against the state license laws. Mary violated the license law because she gifted her doctor, and he is not licensed.
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Question 6 of 10
6. Question
A real estate company known as TRIPOEM has engaged a manager to govern its properties. What does or doesn’t the manager require?
Correct
It is not a must for a worker in a single company to hold a license to manage its real estate. Each state has its specific regulation about property management.
Incorrect
It is not a must for a worker in a single company to hold a license to manage its real estate. Each state has its specific regulation about property management.
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Question 7 of 10
7. Question
Which of the following titles clearly identifies a manager?
Correct
Most of the client’s activities are handled by the general agent. A special agent concentrate on a single activity; for example, it can be selling a property. Universal agents represent clients in all activities in real estate.
Incorrect
Most of the client’s activities are handled by the general agent. A special agent concentrate on a single activity; for example, it can be selling a property. Universal agents represent clients in all activities in real estate.
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Question 8 of 10
8. Question
What’s correct about the compensation given to the property manager?
Correct
The compensation given to the property manager can be negotiated, i.e., it can be lowered or increased. It is just like the setting of the commission rate.
Incorrect
The compensation given to the property manager can be negotiated, i.e., it can be lowered or increased. It is just like the setting of the commission rate.
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Question 9 of 10
9. Question
The independence of the contract enjoyed by the salespersons allows a broker not to do what?
Correct
Independent contractor status has some differentiating features, and one of them is the ability for a broker to retain the payroll taxes. The fact that the broker can retain the payroll taxes doesn’t allow him to neglect his role to that of his salesperson.
Incorrect
Independent contractor status has some differentiating features, and one of them is the ability for a broker to retain the payroll taxes. The fact that the broker can retain the payroll taxes doesn’t allow him to neglect his role to that of his salesperson.
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Question 10 of 10
10. Question
Which of the following type of agents is not well defined?
Correct
Any certified person to represent the concerns of another person in real estate is known as an agent.
Incorrect
Any certified person to represent the concerns of another person in real estate is known as an agent.